What is a pre-nuptial agreement (PNA)?
A PNA is an agreement made by a couple concerning the ownership of their respective assets should the marriage or civil partnership fail.
A pre-nuptial agreement (PNA) or pre-nup provides financial clarity before a marriage. It details the assets belonging to each party i.e. the financial assets that they already have. This offers each party protection in the event that the marriage breaks down as the PNA will lay out how the assets should be divided.
PNA's have been recognised in English law since 2010. They are not legally binding, however, where each party obtained independent legal advice and the correct procedure was followed a Court would be more likely to uphold and give weight to the agreement reached. For this reason, it is important that early advice is obtained.
Historically, PNAs have been used in cases where:
- One party has more assets than the other.
- There is a family business.
- Both parties are wealthy.
Pre-nuptial agreements, though, are becoming more popular due to cost of living and other financial pressures. We are seeing more couples consulting us as they consider the potential financial implications of a marriage or civil partnership.
For a straightforward assessment of whether a pre-nuptial agreement is right for you then contact one of our experienced Family Law team via 01535 662644.
